Crunchfish’s new go-to-market strategy for offline payments, splitting the solution into terminals for payment networks and wallets for payment service providers, has progressed into a breakthrough integration by the NPCI into its common payment library, effectively embedding Crunchfish at the core of India’s digital-payment infrastructure and marking a decisive shift from pilots to scalable deployment. The directed share issue during the quarter extends the financial runway into 2026, allowing the company to focus on converting the Indian breakthrough into recurring revenues while also gaining traction with partners in Europe and Asia. Based on a refined revenue model, our revised rNPV estimate points to potential value support of SEK 5.1 (3.2) per share, albeit still built on a number of highly speculative assumptions.
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